Finance

Investors gain N96bn amid bargain hunting

Investors gain N96bn amid bargain hunting

Transactions on the Nigerian equities market yesterday closed northward to reverse the previous day’s trading loss as investment went up by N96 billion.

The upturn was majorly the result of investors’ increased buy-interest in all major sectors, save for the oil and gas sector.

The All Share Index (ASI) increased by 182.96 absolute points, representing a growth of 0.45 per cent to close at 40,896.96 points. Similarly, the market capitalisation gained N96 billion to close at N21.311 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; BUA Cement, FBN Holdings (FBNH), Ecobank Transnational Incorporated (ETI), Stanbic IBTC Holding and Africa Prudential.

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Furthermore, the market breadth closed positive, recording 26 gainers and 13 losers.

Champion Breweries recorded the highest price gain of 10 per cent to close at N2.53 per share. Cornerstone Insurance followed with a gain of 9.80 per cent to close at 56 kobo, while FBNH appreciated by 9.79 per cent to close at N10.65, per share.

Sovereign Trust Insurance went up by 9.09 per cent to close at 24 kobo, while Living Trust Mortgage Bank appreciated by 8.96 per cent to close at 73 kobo  per share. On the other hand, Consolidated Hallmark Insurance led the losers’ chart by 6.78 per cent to close at 55 kobo, per share.

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Japaul Gold and Ventures followed with a decline of 6.25 per cent to close at 45 kobo while NEM Insurance declined by 3.81 per cent to close at N2.02, per share.

Ikeja Hotel shed 3.51 per cent to close at N1.10, while Oando depreciated by 3.46 per cent to close at N5.02, per share.

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The total volume traded rose by 194.75 per cent to 563.882 million shares, worth N5.096 billion and traded in 4,253 deals. Transactions in the shares of FBNH topped the activity chart with 317.276 million shares valued at N3.294 billion. Champion Breweries followed with 49.918 million shares worth N126.293 million while ETI traded 38.050 million shares valued at N269.208 million.

United Bank for Africa (UBA) traded 22.538 million shares valued at N181.401 million while Fidelity Bank transacted 16.555 million shares worth N43.354 million.

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